The Tax Preparation Blog

Archive for July, 2010

Question: does anybody out there know how to file a 1040x amended tax return form?

i never claim my mom during tax years 2005 and 2006…but the form is confusing…you have to enter net changes and correct amounts, as well as what you entered on your original return..thus 3 columns…A B and C…pleasE help!!!!!

Answer: Column A represents the amounts on your original return.
Column B is for the changes to the original amounts.
Column C is columns A and B added together.

Instructions are linked below

Law creates paperwork fiasco for businesses

The House rejected an effort to repeal part of the new health care law that requires millions of businesses to file tax forms for every vendor that sells them more than $600 in goods. Health care – Law – IRS tax forms – Tax – United States

How To Amend Your Tax Return Using TurboTax 2009

Question: What’s 2009 Tax Return Deadline?

Answer: It’s like Christmas, it comes on the same day every year. April 15 is always tax day and fortunately many post offices stay open til midnight so that the procrastinators can get their returns postmarked in the nick of time.

Closing deadline extended to Sept. 30 for Homebuyer Credit purchases

Raphael TulinoSpecial to the Sun Eligible taxpayers who contracted to buy a home, qualifying for the first-time homebuyer credit, before the end of April now have until Sept. 30, to close the deal, according to the Internal Revenue Service.

Deadline for filing tax returns expires

Question: What do accountants do?

like i know they do taxes and stuff, but how does it work?? Does people go to them to do there taxes or do the banks just give them there work to do?? I know you have to do a lot of math so do you use a calculator or do you gotta know how to do everything?? What is the job outlook for it, like will there be jobs in the future if technology takes over?? K thank if you can answer my question.

Answer: A CPA (Certified Public Accountant) usually does taxes and helps with tax related issues. The simplest explanation of the term “accountant” is someone who is able to account for the money that is brought into and goes out of a business. Every single transaction (payment in or out) that is made is recorded in a way that someone (auditor, new accounting staff) can follow the “paper trail” to the origin of the transaction. If a business is small enough they may hire and outside “bookkeeper.” This term originated before computers when everything was entered manually into a book called a general ledger.

The outlook for accounting jobs is supposed to be very good “Accountants and auditors are expected to experience much faster than average employment growth from 2008-18″ (website below). Regardless of the amount of technology that is implemented there always has to be someone to enter the numbers. They don’t just jump from the paper check that was received into the computer. Technology only makes accounting run smoother, it will never replace all of the accounting staff. I’ve found that even in a bad economy accounting is the best place to be. Even a business that’s going under needs someone to crunch the numbers!

Letters to the Editor published Saturday, Aug. 7, 2010

Just wanted to say thank you to all in our community who came out and supported us for the breakfast the Knights of Columbus put on for St. Joseph’s School.

Davos Annual Meeting 2010 – Opening Plenary Nicolas Sarkozy

ProLogis Reports Second Quarter Results

DENVER , July 22 /PRNewswire-FirstCall/ — ProLogis (NYSE: PLD – News ), a leading global provider of distribution facilities, today reported second quarter 2010 funds from operations as defined by ProLogis (FFO), excluding significant non-cash items, of $0.15 per diluted share. Of this amount, approximately $0.02 related to gains on contributions and $0.13 per diluted share was from core …

EEP100 – Lecture 25

Question: Are there any penalties for tax preparers?

When you get audited by the IRS and there are certain things on your return that you are not aware that your tax preparer entered without your knowledge or consent. Are there any penalties for the person that prepared your taxes?

Answer: Yes, there are penalties for tax preparers, for preparing a return they know is fraudulent. Or should have known.

I don’t know if this is the case for you, however. Tax preparers can make honest mistakes without penalties.

Your best course is to ask the IRS agent in your audit for penalty abatement, then you would be paying the same tax as if it were prepared correctly in the first place.

Five tax scams to avoid this summer

The Internal Revenue Service issues a list of the top 12 tax scams each year – known as the Dirty Dozen. The scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. These scams don’t just happen during the tax filing season, they can happen anytime during the year.

New Tax Return Preparer Penalties — Assessment Procedures and Penalties — Unit Four